From Tokyo to San Francisco, investors are selling, selling, selling at a brisk clip on Monday as fears the inflationary wave sinking portfolios will become a tsunami.
Since Friday's surprisingly high consumer price index (CPI) reading, in which inflation hit a 40-year-high in the world's largest economy, global investors have rushed for the exits on assumptions that higher prices will plunge much of the developed world into a recession as consumers and businesses everywhere pull back.
BofA Securities warned on Friday that there was "nowhere to hide" for investors as inflation seeps into every corner of the economy. Those words hung over the markets again this morning. For a second straight session, investors were dumping bonds. They were offloading crypto. They were trimming their equity portfolios.
U.S. futures point to a rough open with the Nasdaq future contracts down 2.3% at 3 a.m. ET, implying a two-day drop of nearly 6%.
Over in Europe, stocks were awash in red, following...
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